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Investment Funds Disclosure Requirements

K&L Gates LLP

Investment Management Update Germany July 2025

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BMF Publishes Draft Bill on DAC 8 Implementation Act - On 26 June 2025, the German Federal Ministry of Finance (Bundesministerium der Finanzen, or BMF) published a new draft bill (following the formation of a new government)...more

Lowenstein Sandler LLP

Democratization of VC funds

At least once or twice per year, a prospective client will call with the greatest new idea—launch a venture fund for everyone. Open up potential fundraising by appealing to moderate-income people. Why hasn’t anyone thought of...more

King & Spalding

The Capital Market Authority Issues Key Regulatory Enhancements Impacting Investment Funds in the Kingdom of Saudi Arabia

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On 9 July 2025, the Capital Market Authority (the “CMA”) has announced a series of significant regulatory enhancements aimed at furthering the development of the Kingdom’s investment fund industry. These amendments, effective...more

Ropes & Gray LLP

SFDR Review Potentially Delayed to Q1 2026

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Whilst not unexpected, the long-awaited review of the EU Sustainable Finance Disclosure Regulation (SFDR), originally scheduled for Q4 2025, is now likely to be delayed to Q1 2026. This follows the public and targeted...more

Walkers

Key changes in the newly revised JPF Guide

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Earlier today the Jersey Financial Services Commission (JFSC) published a revised version of the Jersey Private Fund Guide (JPF Guide). The new JPF Guide, and a new statutory instrument, the Collective Investment Funds...more

K&L Gates LLP

Australia: The Regulatory Developments for FY25 That Fund Managers Can’t Afford to Ignore

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As we have now said goodbye to FY25, we look back on some of the more significant regulatory developments that fund managers can’t afford to ignore....more

Paul Hastings LLP

SFDR Update: A Step Up in Scrutiny

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In recent weeks, EU regulators have issued several updates clearly indicating that, while the Sustainable Finance Disclosure Regulation (SFDR) remains subject to review and likely substantial revision at the end of 2025,...more

Walkers

ESMA's findings on sustainability risk integration and disclosures: What you need to know

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ESMA has published its final report on the CSA on the integration of sustainability risks and disclosures in the investment fund sector and a thematic note on sustainability-related claims focusing on ESG credentials. ...more

Fenwick & West LLP

SEC Division of Corporation Finance Issues Statement on Crypto Asset Exchange-Traded Products

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On July 1, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement regarding Crypto Asset Exchange-Traded Products (crypto asset ETPs). Crypto asset ETPs are investment products that are listed and traded...more

Akin Gump Strauss Hauer & Feld LLP

May – June 2025 Regulatory Round-Up

HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations proposing a streamlined regulatory framework for UK AIFMs. The key proposals include: These reforms aim to introduce a more proportional...more

Ropes & Gray LLP

New ESMA Guidance on Sustainability Claims and ESG Credentials: A Closer Look

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The European Securities and Markets Authority (ESMA) has taken another step in its ongoing mission to combat greenwashing within the financial services sector. With the release of a new thematic note, ESMA aims to ensure that...more

Paul Hastings LLP

Some Sunshine for Crypto Investment Products: SEC Issues First Comprehensive Disclosure Guidance for Crypto ETPs

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In another step toward regulatory clarity for crypto investment products, the SEC Division of Corporate Finance staff has issued detailed disclosure guidance on how crypto exchange-traded products (ETPs) should navigate...more

Eversheds Sutherland (US) LLP

SEC raises ceiling on closed-end funds’ investments in private funds

Recent policy initiatives and remarks from leaders of the US Securities and Exchange Commission (SEC) have created a changing landscape for retail access to the private markets. At a recent conference hosted by the Practising...more

Proskauer - Regulatory & Compliance

ESMA Publishes Four Principles for Clear, Fair and Not Misleading Sustainability-Related Claims

On 1 July 2025, the European Securities and Markets Authority (“ESMA”) published a thematic note on making clear, fair and not misleading sustainability-related claims, to address greenwashing risks (the “Thematic Note”)....more

Mayer Brown Free Writings + Perspectives

SEC Statement on Disclosure Best Practices for Crypto Asset ETFs

On July 1, 2025, the staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of statements regarding crypto assets. This particular statement, titled...more

Keating Muething & Klekamp PLL

Ninth Circuit Warning: Silence in the Face of SEC Comment Letters May Bolster Section 12(a)(2) Claims

On June 10, 2025, the U.S. Court of Appeals for the Ninth Circuit reversed the dismissal of a securities class action after finding the plaintiff sufficiently alleged a real estate investment fund and its managing executive...more

Ropes & Gray LLP

ESMA’s 2023-2024 Common Supervisory Action on Sustainability Risks and Disclosures: Key Findings

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On 30 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report on the 2023-2024 Common Supervisory Action (CSA) concerning the integration of sustainability risks and disclosures within the...more

Winstead PC

SEC Adopts Amendments to Beneficial Ownership Reporting Rules for Schedules 13D and 13G

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In 2023, the Securities and Exchange Commission (the “SEC”) adopted amendments and issued guidance to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act...more

Jones Day

ESMA Report on the Integration of Sustainability Risks and Disclosures Under SFDR

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The funds industry continues to wait for regulators and legislators to review and fix the multiple flaws in the existing SFDR regime. In the meantime, in July 2023, ESMA launched a “common supervisory action” ("CSA”)...more

Goodwin

Updated Standard Form 328, “Certificate Pertaining to Foreign Interests”

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On May 12, 2025, the Defense Counterintelligence and Security Agency (DCSA) released an updated Standard Form 328 (SF-328), “Certificate Pertaining to Foreign Interests.”...more

Woodruff Sawyer

Expanding Retail Investor Access to Private Funds: A Spider-Man Problem

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Private funds could be facing a Spider-Man problem. Let me explain. Because he was bitten by a radioactive spider, Spider-Man has superpowers. He can jump really high. He can shoot webs from his hands. When his...more

Latham & Watkins LLP

SEC Withdraws Proposed Rule on ESG Disclosures for Investment Advisers and Investment Companies

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The withdrawal aligns with the SEC’s “back to basics” approach, but it does not preclude scrutiny of ESG in asset managers’ strategies, marketing, and fund documentation....more

Ropes & Gray LLP

Overview of ETF Share Class Operational Issues

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One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. It appears that Funds may obtain the Relief necessary to offer these Share Classes in the...more

Alston & Bird

SEC Withdraws Multiple Rule Proposals Affecting Investment Advisers

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The Securities and Exchange Commission (SEC) has retracted 14 rule proposals issued in 2022 and 2023. Our Investment Funds Team examines what the SEC’s withdrawal means for investment advisers going forward....more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

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On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

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